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ESUT Secures Full Accreditations In Law, Engineering, Sciences, Others

BREAKING: ESUT secures full accreditations in law, engineering, sciences, others — AkeliciousLarryBravo Nwaiwu
The Enugu State University of Science and Technology (ESUT) has further secured full accreditations for its programmes in law, engineering, sciences as well as other fields.
This was even as the Vice Chancellor of the university, Prof Aloysius Michaels-Okolie commended the state governor, Dr. Peter Mbah, for committing huge resources in the education sector, saying the commitment helped to equip ESUT with modern learning facilities.
The accreditations were contained in a letter addressed to the Vice Chancellor by the Executive Secretary of the National Universities Commission (NUC), Prof. Abdullahi Yusufu Ribadu.
The letter further highlighted the Commission’s satisfaction with the institution’s adherence to academic standards and its ability to provide quality education.
According to the NUC, faculties that were fully accredited following its October/November 2024 accreditation of academic programmes in Nigerian universities included the Faculties of Law, Engineering, Sciences, Environmental Science, Education and Administration.
Reacting to the development, the VC said the result of the accreditations was a testament to the institution’s resilience and commitment to academic excellence, and its determination to producing high-quality competitive graduates that will fit into the emerging global market where technology and innovation are driving the space.
He also attributed the accreditation to the Governor’s deliberate efforts and support for education in the State, pointing that Enugu State is the highest spender in education in the country.
“Governor Mbah is a pivotal force playing a major role and acting as an instrument and  catalyst for transforming ESUT into a premier university of science and technology in Africa. The Governor’s intervention has enabled our institution to access the necessary resources and infrastructure to deliver quality education,” he added.
He extolled the governor for his leadership’s programmes for the youths aimed at improving human capital development, wealth creation and eradication of poverty in the state.
Explaining that the recent review in the university’s fees was not designed to serve as punitive measure or as school fees increment, the Vice Chancellor said it was merely adjusted to reflect the demands of economic realities and the hyper-inflation in the country.
Calling on students and parents to eschew misinformation about the ongoing interest-free students loan by the Nigerian Education Loan Fund (NELFUND), Prof Okolie said the loan was meant for all students of federal and state tertiary institutions, including those in the southeast.
He stressed that students from other parts of the country were already accessing the fund which was very flexible to pay back years after their university education when they could have started working as either entrepreneurs or public servants.
Meanwhile, students of the university have expressed delight over the accreditations, insisting that the “good news” was possible because of a Governor who loves education and a university management dedicated to serve as example for others.
A postgraduate student in the Faculty of Administration, Ibekwe Ukachukwu, while addressing newsmen in the ESUT Permanent Site, Agbani, said the Vice Chancellor and his team had also initiated a series of reforms aimed at making the university a leading academic and research institution.
“These reforms are already yielding good results. They are now paying off and I’m glad that the management has created an environment that fosters innovation and redefines the output of the institution,” a final year student at the Faculty of Environmental Science, Eneh Chisom, added.
Fidelity Bank CEO’s Share Acquisition Signals Strong Confidence in Tier-One Lender

 

In a decisive move underscoring unwavering confidence in Fidelity Bank Plc’s resilience, Managing Director and CEO, Dr. Nneka Onyeali-Ikpe has acquired an additional 18 million shares of the bank, valued at approximately ₦366 million.

According to a regulatory filing posted on the Nigerian Exchange Group (NGX) Disclosures portal, this strategic investment was executed at ₦20.35 per share on May 19, 2025, the same day an online platform published an unsubstantiated report on a Supreme Court ruling in a decades-long case that the bank inherited from the defunct FSB International Bank that it absorbed in 2005.

Dr. Onyeali-Ikpe’s latest acquisition is not an isolated gesture. Between November 21 and 22, 2024, she purchased 15 million shares worth ₦239.4 million, and subsequently added another 10 million shares valued at ₦157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.

Demonstrating Leadership Through Personal Investment

The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Dr. Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.

Robust Financial Performance Reinforces Investor Confidence

Fidelity Bank’s financial results further validate this confidence. In the first quarter of 2025, the bank reported a Profit Before Tax of ₦105.8 billion, marking a 167.8% increase compared to the same period in 2024. Gross earnings rose by 64.2% year-on-year to ₦315.4 billion, driven by significant growth in interest income and non-interest revenue.

The bank’s balance sheet remains solid, with total deposits increasing by 11.1% year-to-date to ₦6.6 trillion, and net loans and advances growing by 5.0% to ₦4.6 trillion. These figures highlight Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.

Despite the rash of malicious publications on the bank that has been debunked by the Central Bank of Nigeria (CBN), Fidelity Bank’s share price has demonstrated resilience. After reaching ₦21.00 on May 13, 2025, the stock experienced a modest decline, closing at ₦20.00, a 3.8% decrease. This stability suggests that investors remain confident in the bank’s fundamentals and leadership.

Dr. Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment. Her actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience. As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.

Fidelity Bank CEO’s Share Acquisition Signals Strong Confidence In Tier-One Lender

In a decisive move underscoring unwavering confidence in Fidelity Bank Plc’s resilience, Managing Director and CEO, Dr. Nneka Onyeali-Ikpe has acquired an additional 18 million shares of the bank, valued at approximately ₦366 million.

 

According to a regulatory filing posted on the Nigerian Exchange Group (NGX) Disclosures portal, this strategic investment was executed at ₦20.35 per share on May 19, 2025, the same day an online platform published an unsubstantiated report on a Supreme Court ruling in a decades-long case that the bank inherited from the defunct FSB International Bank that it absorbed in 2005.

 

Dr. Onyeali-Ikpe’s latest acquisition is not an isolated gesture. Between November 21 and 22, 2024, she purchased 15 million shares worth ₦239.4 million, and subsequently added another 10 million shares valued at ₦157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.

 

Demonstrating Leadership Through Personal Investment

 

The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Dr. Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.

 

Robust Financial Performance Reinforces Investor Confidence

 

Fidelity Bank’s financial results further validate this confidence. In the first quarter of 2025, the bank reported a Profit Before Tax of ₦105.8 billion, marking a 167.8% increase compared to the same period in 2024. Gross earnings rose by 64.2% year-on-year to ₦315.4 billion, driven by significant growth in interest income and non-interest revenue.

 

The bank’s balance sheet remains solid, with total deposits increasing by 11.1% year-to-date to ₦6.6 trillion, and net loans and advances growing by 5.0% to ₦4.6 trillion. These figures highlight Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.

 

Despite the rash of malicious publications on the bank that has been debunked by the Central Bank of Nigeria (CBN), Fidelity Bank’s share price has demonstrated resilience. After reaching ₦21.00 on May 13, 2025, the stock experienced a modest decline, closing at ₦20.00, a 3.8% decrease. This stability suggests that investors remain confident in the bank’s fundamentals and leadership.

 

Dr. Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment. Her actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience. As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.

NPRW  Highlights Nigeria’s Quest for Image Rebuilding , Global Recognition

Stakeholders in Nigeria’s public relations sector gathered at the opening ceremony of the Nigeria Public Relations Week (NPRW) 2025, organized by the Nigerian Institute of Public Relations (NIPR), to chart a new course for Nigeria’s image on both national and global stages. Under the theme “Solid Minerals: A Solid Path to Nigeria’s Sustainable Economic Recovery – The Challenge for Public Relations,” the event spotlighted strategies for enhancing Nigeria’s reputation amid ongoing economic reforms and international engagements.

*A New Dawn for Nigeria’s Global Image*

The event held in Uyo, featured significant announcements, including Nigeria’s upcoming hosting of the 2026 World Public Relations Forum (WPRF). President and Chairman of NIPR, Dr. Ike Neliaku, emphasized Nigeria’s readiness to showcase the country’s rich culture, vibrant music, exotic cuisine, and warm hospitality to the world. “At WPRF 2026, the world will savor Nigeria’s magnificent splendor, from our cuisine to our creativity,” he stated confidently. “Despite concerns about safety and tourism, Nigeria will present a compelling case for itself as a premier destination in Africa.”

Neliaku underscored the importance of proactive communication in shaping perceptions, sharing a recent experience where a simple question about Nigerian food became a metaphor for external perceptions. “The challenges of leadership in Nigeria are partly due to ineffective communication. Leaders need to share their visions openly and responsibly,” he said.

*Leadership and Rebranding through Strategic Appointments*

A major highlight was the installation of John Momoh, CEO of Channels Media Group, as the pioneer Chairman of the Nigeria Reputation Management Group (NRMG)’s Body of Advisers. This strategic initiative by NIPR is dedicated to building and maintaining a positive national image. “Every negative post or harsh comment erodes our image,” said Momoh. “Let us instead share stories of innovation, resilience, and excellence within our borders, promoting constructive narratives that rebuild trust and credibility.”

Other notable appointments include Bashir Adewale Adeniyi, the Comptroller General of Nigeria Customs Service, as Vice Chairman, and Mohammed Kudu Abubakar as Secretary. Dr. Momoh expressed gratitude for the trust placed in him and called on Nigerians to use social media responsibly, advocating for a united effort to reposition Nigeria’s narrative positively.

*Stakeholders Call for Positive Narratives and National Unity*

Throughout the event, government officials and industry leaders stressed the importance of positive storytelling. Deputy Governor of Akwa Ibom, Senator Akon Eyakenyi, highlighted how negative news hampers foreign investment. “Our state is safe, peaceful, and investment-friendly,” she affirmed, urging practitioners to leverage their expertise in fostering peace and promoting government initiatives.

The Minister of Information and National Orientation, Alhaji Muhammed Idris, echoed this sentiment. “We need to speak good about our country,” he urged. “Constructive criticism is welcome, but we must focus on promoting Nigeria’s positive stories. Only then can we accelerate development and restore our national pride.”

*A Collective Responsibility for Nigeria’s Future*

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, called for unity among all stakeholders. “Reforms may take time, but they are underway,” he stated. “All of us—government, media, citizens—must work together to build a better Nigeria.”

The event also paid tribute to distinguished members of the profession with posthumous awards, honoring their contributions to nation-building and the public relations field.

*Conclusion: A Vision for a Resilient Nigeria*

Addressing the gathering, Dr. Ike Neliaku emphasized the vital role of public relations in nation-building. “Our collective narratives shape perceptions. Every Nigerian has a role in telling our story—of resilience, innovation, and hope,” he said.

As Nigeria prepares to host the 2026 WPRF and strengthen its reputation management infrastructure, the stakeholders’ rallying cry is clear: to build a positive, credible, and inspiring national image that resonates both within and beyond our borders.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gov Mbah Tasks FG On Enugu’s 13% Oil Revenues Share

Gov Mbah tasks FG on Enugu's 13% oil revenues share - Daily Post NigeriaLarryBravo Nwaiwu
Governor of Enugu State, Dr. Peter Mbah, has tasked the Federal Government on the inclusion of the state in the disbursement of 13 per cent oil revenue share, in line with the Derivation Principle as provided for in the 1999 Constitution, as amended.
He made the call when he received the Indices and Disbursement Committee of the Revenue Mobilisation, Allocation, and Fiscal Commission, RMAFC, at the Government House, Enugu, on Tuesday.
It is recalled that the RMAFC had in December 2022 listed Enugu as an oil producing state.
However, receiving the RMAFC team in his office, Mbah regretted that the state was yet to receive 13 per cent of revenues accruing to the state from the affected oil fields.
“We still have this pending issue of Enugu State being recognised as an oil producing state, which your Office actually communicated to us sometime in December 2022 based on the report of the Inter-agency Technical Committee. The Committee came up with a recommendation that Enugu should be benefiting from the 13 per cent derivation of the Anambra River Basin 1, Anambra River Basin 2, and Anambra River 3. But we have still not benefited from those fields.
“So, it is our hope that your Office will put the necessary machinery in motion to ensure that we begin to benefit from that,” he stated.
Mbah, however said his government was not resting on its oars, as it was mobilising internal revenue sources, growing the state’s IGR by over 400 per cent by broadening the revenue sources and deploying of technology to block leakages.
“It is our hope that your indices also would be updated to reflect that much growth in our domestic revenue. We hope to actually surpass that. Our IGR in our 2025 budget is over 500 billion. And from the indications, we are going to surpass that projection,” Mbah stated.
He added that his administration ensured that all revenues accruing to the local governments got to them 100 per cent in addition to assisting them in the funding of big projects. This, he said was in the spirit of transparency and accountability.
Meanwhile, speaking earlier, the leader of the team and Commissioner representing Kwara State at RMAFC, Mr. Ismaila Mohammed Agaka, commended Mbah for the proper utilisation of federal allocations and IGR to transform the state in a short period.
“Before we came, we thought it was one of those media blitz that accompany the activities of state governors. But we have gone around. We have seen for ourselves the work going on. I particularly noted that illegal structures have no place again in Enugu. And that is the way it should be. There should be sanity and discipline in the way we do things; and we have seen evidence of that, sir.
“I am pleased to note that the Smart Schools, and the Health Centres across the 260 wards are very commendable. It clearly demonstrates the fact that it is clearly the government of the people by the leader of the people in the overall interest of the people,” he said.
He said the RMAFC team was in Enugu State to monitor the disbursements from the Federation Account to Enugu State.
“The major aim and objective of this exercise is to assist in identifying any irregularities, misapplication or wrongful application of indices with respect to the indices used in sharing revenue to Enugu State and the local governments from the Federation Account; to examine the actual deductions made before the disbursement to the state and the local governments and to identify possible causes of zero application, if any, to the local government councils with the view to resolving it amicably,” Agaka stated.
Get It, Use It”: Insurers Committee Initiates Campaign To Boost 3rd Party Insurance Awareness

In a combined effort to promote road safety and legal compliance, a partnership of stakeholders from the Nigerian insurance industry, comprising the Nigerian Insurers Association (NIA), the Nigerian Council of Registered Insurance Brokers (NCRIB), National Insurance Commission (NAICOM) and Institute of Loss Adjusters of Nigeria (ILAN) has launched a nationwide awareness campaign to educate the public on the importance of third-party motor insurance.
This initiative follows the February 1, 2025 directive by the Nigeria Police Force requiring all vehicle owners to possess valid third-party motor insurance. This coverage is essential for protecting drivers against the financial liabilities arising from accidents that cause damage to other vehicles, property, or result in bodily injury to third parties.
“Many drivers remain unaware that third-party motor insurance is not only a legal obligation but also a critical safeguard for the lives and properties of fellow road users,” said Ebelechukwu B. Nwachukwu, Chairman, Communication & Stakeholder Engagement Sub-Committee, Insurers Committee & MD of Rex Insurance Limited. This campaign is designed to raise awareness, encourage compliance, and highlight the consequences of driving uninsured.
The awareness campaign is pan-Nigeria and will have radio jingles in the major languages – Ibo, Hausa, Yoruba, Pidgin and English. Other aspects of the campaign include Print media and Out-of-Home (billboards) in some major commercial cities in the country, such as Lagos, Abuja and Port Harcourt and social media.
According to Moruf Apampa, Vice Chairman of the Sub-Committee and MD of NSIA Insurance, “there are still a lot of vehicles on the road without proper insurance. When accidents happen, it is often innocent people and public services that end up bearing the cost. This campaign is about helping people understand why insurance matters and making it easier for them to get covered”.
To make compliance easier, Nigerians can now conveniently purchase or renew third-party motor insurance policies through the Nigerian Insurance Industry Portal (NIIP) online portal, or by visiting any registered insurance provider nationwide. The NIID platform ensures transparency, instant verification, and peace of mind for all parties involved. Verification of your insurance policy can also be done online by visiting ASKNIID and inputting your car registration details.
“Compliance with this requirement is not just about avoiding penalties; it’s about protecting yourself and others every time you’re on the road,” said Ebelechukwu B. Nwachukwu. “Another key element of the 3rd Party insurance is that if one travels across West Africa, you have insurance coverage, and this is an added advantage that people need to be aware of”.
Seeking the support of the media and other critical stakeholders in the insurance industry like CAMCONIA, which is the umbrella body of all Corporate Affairs Managers in the insurance industry, the Sub-Committee sough current and future collaboration in raising awareness about the benefits of the 3rd Party Campaign being embarked upon and the need to do all possible to change the narrative about insurance in Nigeria.
Other members of the Sub-Committee present at the press briefing include Mr. Ademola Abidogun, MD, Guinea Insurance as well as Mrs. Abimbola Onakomaiya, President, Professional Insurance Ladies Association (PILA, who all sought the support of the media and other relevant partners in developing the insurance industry in Nigeria.
The Mischief in Fidelity Bank Bankruptcy Rumour

By Ikechukwu Amaechi
Fidelity Bank Plc has dismissed as unfounded the story making the rounds that it is on the verge of bankruptcy following a Supreme Court judgment linked to a legacy $3 million credit facility granted by the defunct FSB International Bank in 2002.
The bank made the clarification on Monday, assuring the general public, depositors and stakeholders that it remains financially strong despite court judgment.
In a statement by its Divisional Head, Brand & Communications, Meksley Nwagboh, Fidelity Bank called for calm, stating that it was currently seeking judicial clarification on the accurate computation of the judgment sum.
“By way of a background, we confirm that the issues leading up to the judgment arose from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited,” the bank said.
According to the statement, FSB, a legacy bank taken over by Fidelity Bank, granted a credit facility to G. Cappa Plc in 2002 for the sum of $3 million. The facility was, in turn, secured with a mortgage on a property located in Ikoyi, Lagos.
However, when G. Cappa defaulted, the construction company quickly commenced legal proceedings against FSB at the Federal High Court, Lagos in a bid to prevent FSB from selling the mortgaged property to repay the loan.
Fidelity Bank’s press statement noted that the initial lawsuit was to restrain FSB from selling the property of the alleged loan defaulter.
The Federal High Court, in its judgment, ruled that the bank, as legal mortgagor, rightfully sold the leased interest in the property to Sagecom in 2011. The Court, however, declined to order vacant possession of the property and directed the issue to the Lagos State High Court.
In the meantime, G. Cappa remained in possession of the property and kept collecting rents.
Sagecom’s claim against the bank was essentially for liquidated damages. In 2018, the Lagos High Court awarded judgment in favour of Sagecom against G. Cappa even when it refused to order vacant possession of the property, a judgment which was challenged at the Supreme Court by Fidelity Bank for final adjudication.
But just like the High Court judgment, the Supreme Court ruled in favour of Sagecom.
Fidelity Bank said it was convinced that by remaining in possession of the property and continuing to collect rents, G. Cappa created the losses suffered by Sagecom.
However, the bank noted that after exhausting the appeal process, it is open to settling the obligation.
In fact, enquiries by TheNiche indicate that both Fidelity Bank and Sagecom are already in talks over how the judgment debt could be paid over a mutually agreed period.
It was this court ruling that detractors of the bank latched on in their demarketing voyage, which is what the bankruptcy story is all about.
And in debunking the bankruptcy insinuation, the bank assured depositors and investors of its safety as a going business concern, noting that it does not have solvency or liquidity problems.
The bank assured the public that, regardless of the Supreme Court judgment, Fidelity Bank was not under the threat of bankruptcy or liquidation.
But that fact is rather obvious. Fidelity Bank has consistently demonstrated strong financial performance, with significant growth in key financial metrics like profit before tax (PBT), gross earnings, and net interest income. The bank is also well-capitalized, maintaining a strong capital adequacy ratio (CAR) well above the minimum regulatory requirements, which is an indication of a robust financial foundation.
Not only that, it is also expanding its presence both within Nigeria and internationally, with a focus on digital banking and customer-centric services and the bank has received multiple awards, including for its performance in corporate banking, SMEs, and digital banking, highlighting its strength and leadership in the financial sector.
It is therefore not surprising that it has garnered very positive investor sentiment and consequential strong support, with oversubscription in equity capital raises and a high growth rate in share prices.
Not only that, the Central Bank of Nigeria (CBN) has weighed in on the matter, dismissing the bankruptcy story as misleading.
In a statement on Monday night, the apex bank and regulator said its attention had been drawn to some publications and social media reports containing “misleading information regarding the operations of a regulated financial institution.”
The statement by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications, affirmed that the CBN “continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.”
 The CBN urged the public to “disregard sensational or unverified claims and rely solely on official channels for information about the financial system.”
The statement titled, “CBN reassures public on banking sector stability,” reads:
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements and there is no cause for concern regarding the safety of depositors’ funds.
“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.
“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”
Some financial experts who spoke to TheNiche insist that the bankruptcy story was contrived in the warped minds of those who are unable to compete and are “unnerved by the unprecedented growth of Fidelity Bank particularly under the leadership of Nneka Onyeali-Ikpe.”
How can a bank, which is unarguably one of Nigeria’s leading Tier-1 financial institutions, a bank that has just announced a remarkable financial performance for the first quarter of 2025, recording a PBT of N105.8 billion, which represents an impressive growth of 167.8 per cent compared to N39.5 billion in Q1 2024, suddenly go bust,” asks Mr. Olamilekan Johnson, a financial expert.
“It is all an attempt by unscrupulous people to demarket the bank. This is not the first and I am afraid, it won’t be the last. But I hope that in the interest of the country’s financial sector, they stop.”
Johnson is right. In the wake of the revocation the banking licence of Heritage Bank Plc by the CBN on June 3, 2024, the same malicious campaign, an odious attempt to precipitate a run on Fidelity Bank, was mounted by unscrupulous people, who insinuated then, as they are doing now, that Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank – will go the Heritage way.
That was one week after the bank signed the necessary documentation to raise about N127.1 billion from a public offer and rights issue to its existing shareholders to raise its capital base in line with the CBN’s fresh capitalisation directive.
Could it also be that this bankruptcy hoax is the panic reaction of the same naysayers who cannot relate positively to the robust fundamentals exemplified in the incredible performance of the bank as captured in its financial statements released late last month?
The bank’s unaudited financial statements, which was released on the Nigerian Exchange (NGX) on April 30, 2025, showed a substantial increase in gross earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2 per cent from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6 per cent yoy (7.4 per cent ytd) expansion in earning assets base, while the increase in non-interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, stated: “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements equally showed a marked improvement with total deposits growing by 11.1 per cent ytd to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 per cent ytd growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits.
Local currency deposits increased by 2.0 per cent ytd while foreign currency deposits increased by 21.4 per cent from $1.9 billion in December 2024 to $2.3 billion.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
And that is exactly what Fidelity Bank is doing. Those who are purveying the bankruptcy story about Fidelity Bank Plc., a full-fledged commercial deposit money bank, serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited, and ranked among the best banks in the country are only engaged in wishful thinking with no evidence or even logic to hang their delusional assumption.